MLS & AssociationsTechnology

NAR doesn’t allow to have ‘chief economist’

1996 operating agreement subject of special meeting in July

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SAN FRANCISCO -- The operating agreement for, the official site of the National Association of Realtors, prohibits the site from having a chief economist at a time when operator Move Inc. is seeking more freedom to compete with rivals like Trulia and Zillow. That’s according to Danny Frank, a NAR director and chairman of the Houston Association of Realtors. Frank, an attendee at the Real Estate Connect conference this week, noted was not represented in a conference panel about the housing market this morning. “Look at all the chief economist(s),” Frank said, posting a photo of the panel. “Funny, I don’t see’s. Wait, they CAN’T have one.” Frank confirmed the 1996 operating agreement between Move and NAR, last amended in 2010, prevents the site from naming a chief economist. NAR’s board of directors will hold a special, closed meeting later this month to consider whether to update the agreement and ...